A/S Storebælt Annual report 3 Company objective A/S Storebælt’s main responsibility is to own and operate the fixed link across Storebælt. The tasks are carried out with due regard for maintaining a high level of accessibility and safety on the link. Moreover, repayment of the loans raised to finance the facilities must take place within a reasonable time frame. Turnover from the road link across Storebælt totals DKK 2,873 million and fell by 9.2 per cent compared to 2017 as a result of the toll charge reduction with effect from 1 January 2018. Highlights of the year Traffic Road traffic on the Storebælt Bridge totalled 13.0 million vehicles in 2018, which is a new annual record. Traffic growth amounted to 2.0 per cent compared to 2017, but the expected traffic growth resulting from the reduction in toll charges from 1 January 2018 did not arrive. Passenger traffic rose by 1.7 per cent and lorry traffic rose by 3.6 per cent. Train traffic across Storebælt totalled 49,708 trains, which is a fall of 5.9 per cent compared to 2017. Financial position The financial result before fair value adjustments and tax is a profit of DKK 2,117 million, which is DKK 61 million lower compared to 2017. The result is affected by a fall in turnover of DKK 291 million from road revenue resulting from the reduction in toll charges with effect from 1 January 2018, a reduction in turnover of DKK 43 million relating to the railway, extraordinary earnings from the sale of wind turbines of DKK 65 million, a reduction in operating expenses of DKK 36 million and lower net interest expenses of approximately DKK 175 million. Fair value adjustments amount to an income of DKK 91 million against an income of DKK 404 million in 2017. Compared to 2017, the result is reduced by DKK 313 million corresponding to DKK 245 million after tax. The result after tax is a profit of DKK 1,722 million. It is proposed that a dividend of DKK 1,600 million be paid to the shareholder. Profitability For A/S Storebælt, the repayment period is unchanged against the end of 2017 and totals 34 years, which means that the debt will be repaid in 2032. In 2018, DKK 0.5 billion was repaid on A/S Storebælt’s interestbearing net debt, which totalled DKK 19.8 billion at the end of the year. The effect of value adjustments on the results Operating profit (EBIT) Net financials Profit before fair value adjustment and tax Fair value adjustment Profit before tax Tax Profit for the year Consolidated income statement with ref. to the Annual Report 2,384.4 -177.0 2,207.4 -485.7 1,721.7 Fair value adjustment -90.7 Proforma income statement 2,384.4 -267.7 2,116.7 90.7 90.7 2,207.4 -485.7 1,721.7
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